a minute agoAlbania and Kosovo, among the poorest countries in Europe in 2020
Periskopi(8 years ago)
(8 years ago)Albania's per capita income in 2022 is expected to reach $6,206, up from $4,520 in 2017, according to statistics published by the International Monetary Fund. Although with growth, it is not enough to pass over other countries, leaving it again among the poorest of [...]
According to comparison data for the Western Balkan region, the state that will have higher revenues in 2022 will be Montenegro, with nearly $9,100, followed by Serbia, at $8,011, then Macedonia, at about $7100. Albania is expected to pass Bosnia, which in 2022 is expected to receive per capita income of about $5,800. While Kosovo will continue to be the poorest in the Balkans, with $4,300.
In a previous interview for Monitor, IMF Deputy Director General Mr. Tao Zheng, has confirmed that Albania has remained one of Europe's poorest countries for several reasons, such as the low economic level in the early years of '{0}'90s, the 1997 crisis, slow reforms which have prevented the country from attracting investments in high-value sectors. He has confirmed that the current level of economic development is the result of certain factors.
First, Albania began from a very low base. In 1991, it was the poorest country in Europe with very limited capital, outdated infrastructure, almost no weak industries and institutions.
Second, the 1997 crisis was a major step back in the development process.
Thirdly, progress in reforms related to law enforcement and good governance has been slower. As a result, Albania has had more difficulties in attracting investments to higher value sectors, Mr. Zheng.
Other Eurostat data confirms that Albania has been stuck for several years at the income level. For 2016, Albanians' per capita income was 29% of the EU average, up from 30% in 2014. Other countries in the region have all moved forward. Bosnia, which was once lower than we are, has already reached 32% of the EU average. Even Serbia, following its relative decline in 2015, has recovered the index to 37% of the EU average. Montenegro's highest GDP per capita is 45% of the EU average.
While the European Bank for Reconstruction and Development in a recent report, making an assessment of the Western Balkans convergence with the average standard of living in the EU, it has confirmed that Albania and the Balkans could take from 60 years (with an optimistic scenario) to 200 years (with a pessimistic scenario) to achieve the average income of the European Union.
